Breadcrumb

NCUA Issues Prohibition Notices

March 2018

NCUA Issues Prohibition Notices

ALEXANDRIA, Va. (March 30, 2018) – The National Credit Union Administration issued three notices of prohibition in March. These individuals are prohibited from participating in the affairs of any federally insured financial institution.

Elizabeth Nelson Cobb, a former employee of Space Coast Credit Union in Melbourne, Florida, pleaded guilty to the charges of theft, fraud, and communication fraud. Cobb was sentenced to 180 days in prison.

Linda C. Germann, a former employee of Altra Federal Credit Union in Onalaska, Wisconsin, pleaded guilty to the charge of bank theft. Germann received three years’ probation.

Norma Gold, a former employee of Olean Tile Employees Federal Credit Union in Olean, New York, pleaded guilty to the change of false entries in federal credit union reports. Gold was sentenced to 30 months in prison, three years’ supervised release and was ordered to pay $179,939.21 in restitution.

Prohibition and administrative orders are searchable by name, institution, city, state, and year at the NCUA’s Administrative Orders webpage. The webpage also provides links to the enforcement actions of federal banking agencies against other institutions or their affiliated parties.

You may view NCUA enforcement orders online or inspect them at NCUA’s Office of General Counsel between 9 a.m. and 4 p.m. Eastern, Monday through Friday. You also may order copies by mail from NCUA at 1775 Duke St., Alexandria, VA 22314-3428.

Violation of a prohibition order is a felony offense punishable by imprisonment and a fine of up to $1 million.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov (opens new window), NCUA also educates the public on consumer protection and financial literacy issues.

"Protecting credit unions and the consumers who own them through effective regulation"